Electronics Still Top Philippines Export — NEDA

Apr. 18, 2007

MANILA — Electronics remained the countrys top exports product in February accounting for 63.5 percent of income from exports. Semiconductors led the electronics group with a 48.45-percent share totaling $1.79 billion worth of export earnings.

The global demand for electronics has supported exports in Asia, including the Philippines, Socioeconomic Planning Secretary and NEDA Director General Romulo L. Neri said.

According to the National Statistics Office (NSO), export earnings hit $3.69 billion in February this year, a seven-percent increase compared to last years total receipts amounting to $3.45 billion in the same month.

We hope to reach our 11-percent target for exports this year as well as continuously hit a favorable balance of trade (BOT), Secretary Neri said citing last months BOT surplus of $272 million.

All major commodity export groups exhibited growth except for petroleum products which decreased by 25.4 percent.

Mineral product exports sustained its positive performance with a 53.7-percent growth rate due to the rapid increase in copper metal and concentrate shipments, which recorded a 39.5-percent and 99.5-percent growth rate, respectively. Copper prices in the world market rose by 13.9 percent from February 2006. Other mineral products such as gold (100.4%) also contributed to exports increase.

Meanwhile, the United States continues to dominate as the countrys top export destination with a 17.7-percent share followed by Japan with a 14.4 percent. However, China and Hong Kong posted the biggest gains in 2007, with a double-digit upsurge in their share from only 8.7 percent and 6.6 percent to 12.39 percent and 11.16 percent, respectively.

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